On 13 March 2013, the Securities and Commodities Authority of the UAE (“SCA”) issued Board Resolution No.13 of 2013 amending Resolution No.37 of 2012 on the Regulation of Investment Funds (the “Funds Regulation”). The Board Resolution is significant for foreign funds seeking to market onshore in the UAE as it introduces three new exemptions in respect of which the Funds Regulation will not apply. More recently, the SCA has also published the Reverse Enquiry Declaration on its website (currently only available in Arabic). The Declaration provides clarification on the sale of units of a foreign fund as a result of reverse solicitation by UAE resident investors. To read our briefing, click here.